CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
    • Spanish
    • Turkish
    • German
    • Bulgarian
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • CryptoPotato Spanish
  • CryptoPotato Turkey
  • CryptoPotato Germany
  • CryptoPotato Bulgaria
  • Market Updates
  • BTC Analysis
  • ETH Analysis
  • XRP Analysis
  • Interviews
CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
    • Spanish
    • Turkish
    • German
    • Bulgarian
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • CryptoPotato Spanish
  • CryptoPotato Turkey
  • CryptoPotato Germany
  • CryptoPotato Bulgaria
Home » Market Updates » Bitcoin Stable Amid $23K Ahead of First FOMC Meeting of 2023: Market Watch

Bitcoin Stable Amid $23K Ahead of First FOMC Meeting of 2023: Market Watch

Author: Jordan Lyanchev

Last Updated Feb 2, 2023 @ 09:50

Previous interest rate hikes led to immediate price volatility for the crypto market, so today could be another such example.

Getting your audio player ready...

The first US FOMC meeting is scheduled to conclude today, and expectations suggest that the Fed will raise the interest rates with another 25 basis points.

Amid the growing anticipation, bitcoin, and most of the crypto market, stand calmly, but history shows that there might be a lot of volatility later in the day.

Calm Before the Storm?

The primary cryptocurrency tapped a five-month peak at just inches away from $24,000 on Sunday evening but was stopped before having the chance to reclaim that level shortly after.

The subsequent rejection pushed the asset south hard, and BTC found itself slipping by over $1,500 to a multi-day low of $22,400 (on Bitstamp).

The bulls came back to play a day later and helped bitcoin recover some ground. As such, it spiked back to $23,000 and has spent most of the last 24 hours around that line.

Alicia Bakery
CMO - A really good agency

Did you like this market update?
This is all you need not to miss any price action in the raging crypto markets. Start receiving this recap, for free, every day:

Invalid email address
Your privacy is guranteed.
Thanks for subscribing, you will get your first report in the next hours!

All eyes from the financial markets today are on the conclusion of the first FOMC meeting of the year. In just a few hours, Fed Chair Jerome Powell is expected to announce the latest interest rate hike of 25 basis points.

Given the historical relationship between these events and BTC, it’s safe to assume that there will be more price fluctuations during the day.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins Stand Quiet As Well

Even the typically more volatile alternative coins are quite stagnant on a 24-hour scale. Ethereum spiked above $1,600 earlier today amid news concerning the Shanghai update but retraced shortly after and currently sits beneath that level.

Binance Coin is down by over 1% in the same timeframe but still stands above $399. Dogecoin, Polygon, OKB, Solana, Polkadot, Shiba Inu, and Avalanche are also with small losses now.

Cardano is up by 2% after the launch of the native overcollaterized stablecoin – Djed. Litecoin, ATOM, and Ripple have charted minor gains as well.

The overall crypto market cap remains still as well at just under $1.050 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto
SPECIAL OFFER (Sponsored)
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!


Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.
Enjoy reading? Share with your friends
Facebook Twitter LinkedIn Telegram

About The Author

Jordan Lyanchev
More posts by this author

Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017 and now serves as CryptoPotato's Assistant Editor-in-Chief. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn

Join Our Community

FacebookX YouTubeTelegram


Editorials
How to Trade on Hyperliquid: The Ultimate Guide (Step-by-Step Walkthrough)

How to Trade on Hyperliquid: The Ultimate Guide (Step-by-Step Walkthrough)

11 Best Meme Coins to Watch in June 2025

11 Best Meme Coins to Watch in June 2025

7 Best Meme Coin Presales to Watch in June 2025

7 Best Meme Coin Presales to Watch in June 2025

Toobit Review 2025: Is Toobit a Safe Crypto Exchange?

Toobit Review 2025: Is Toobit a Safe Crypto Exchange?

Hyperliquid Bridge: How to Bridge USDC to Hyperliquid

Hyperliquid Bridge: How to Bridge USDC to Hyperliquid

11 Best Crypto Presales to Consider in June 2025

11 Best Crypto Presales to Consider in June 2025

Need for Speed – Only Ultra-Fast Blockchains Will Win the Adoption Race (Opinion)

Need for Speed – Only Ultra-Fast Blockchains Will Win the Adoption Race (Opinion)

Footer Logo
About
Advertise on CryptoPotato
About Us | Contact Us | Careers
Editorial Policy
Terms of service | Privacy Policy | GDPR
More Sections
IEO List | Evaluations
Airdrops
Scholarship
Disclaimer
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
© Copyright CryptoPotato 2016 - 2025
Scroll to top